83_FR_22633 83 FR 22539 - Self-Regulatory Organizations; The Nasdaq Stock Market LLC; Notice of Filing and Immediate Effectiveness of a Proposed Rule Change To Reorganize and Amend The Nasdaq Options Market LLC Chapter XV, Section 3, Entitled “Nasdaq Options Market-Ports and Other Services

83 FR 22539 - Self-Regulatory Organizations; The Nasdaq Stock Market LLC; Notice of Filing and Immediate Effectiveness of a Proposed Rule Change To Reorganize and Amend The Nasdaq Options Market LLC Chapter XV, Section 3, Entitled “Nasdaq Options Market-Ports and Other Services

SECURITIES AND EXCHANGE COMMISSION

Federal Register Volume 83, Issue 94 (May 15, 2018)

Page Range22539-22541
FR Document2018-10253

Federal Register, Volume 83 Issue 94 (Tuesday, May 15, 2018) 
[Federal Register Volume 83, Number 94 (Tuesday, May 15, 2018)]
[Notices]
[Pages 22539-22541]
From the Federal Register Online  [www.thefederalregister.org]
[FR Doc No: 2018-10253]


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SECURITIES AND EXCHANGE COMMISSION

[Release No. 34-83193; File No. SR-NASDAQ-2018-036]


Self-Regulatory Organizations; The Nasdaq Stock Market LLC; 
Notice of Filing and Immediate Effectiveness of a Proposed Rule Change 
To Reorganize and Amend The Nasdaq Options Market LLC Chapter XV, 
Section 3, Entitled ``Nasdaq Options Market--Ports and Other Services

May 9, 2018.
    Pursuant to Section 19(b)(1) of the Securities Exchange Act of 1934 
(the ``Act''),\1\ and Rule 19b-4 thereunder,\2\ notice is hereby given 
that on April 27, 2018, The Nasdaq Stock Market LLC (``Nasdaq'' or 
``Exchange'') filed with the Securities and Exchange Commission 
(``Commission'') the proposed rule change as described in Items I and 
II below, which Items have been prepared by the Exchange. The 
Commission is publishing this notice to solicit comments on the 
proposed rule change from interested persons.
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    \1\ 15 U.S.C. 78s(b)(1).
    \2\ 17 CFR 240.19b-4.
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I. Self-Regulatory Organization's Statement of the Terms of Substance 
of the Proposed Rule Change

    The Exchange proposes to reorganize and amend The Nasdaq Options 
Market LLC (``NOM'') Chapter XV, Section 3, entitled ``Nasdaq Options 
Market--Ports and Other Services.''
    The text of the proposed rule change is available on the Exchange's 
website at http://nasdaq.cchwallstreet.com, at the principal office of 
the Exchange, and at the Commission's Public Reference Room.

II. Self-Regulatory Organization's Statement of the Purpose of, and 
Statutory Basis for, the Proposed Rule Change

    In its filing with the Commission, the Exchange included statements 
concerning the purpose of and basis for the proposed rule change and 
discussed any comments it received on the proposed rule change. The 
text of these statements may be examined at the places specified in 
Item IV below. The Exchange has prepared summaries, set forth in 
sections A, B, and C below, of the most significant aspects of such 
statements.

A. Self-Regulatory Organization's Statement of the Purpose of, and the 
Statutory Basis for, the Proposed Rule Change

1. Purpose
    The Exchange proposes to reorganize and amend Chapter XV, Section 
3, entitled ``Nasdaq Options Market--Ports and Other Services.'' The 
Exchange offers various services across its 6 affiliated options 
markets, NOM, Nasdaq BX, Inc., Nasdaq Phlx LLC, Nasdaq ISE, LLC, Nasdaq 
GEMX, LLC and Nasdaq MRX, LLC (``Nasdaq Affiliated Markets'').\3\ The 
Exchange desires to rename services to conform the naming of the 
offerings across all Nasdaq Affiliated Markets. The Exchange proposes 
to reorganize Section 3 to list order and quote protocols first, order 
and execution offerings next, followed by data ports and other ports as 
the last section. The Exchange proposes to list data offerings which 
are offered at no cost. The Exchange is also proposing to remove 
obsolete pricing. The Exchange believes that aligning its offerings, 
where relevant, across the Nasdaq Affiliated Markets will provide more 
transparency as to the offerings for market participants.
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    \3\ The Exchange will file a similar rule change on each Nasdaq 
Affiliated Market to conform the offerings by amending naming to 
make them similar and delineating each offering on the fee schedule 
where no fee is assessed.
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Ports
    The Exchange proposes to define a port within Section 3 to provide 
additional clarity to the fee schedule as ``a logical connection or 
session that enables a market participant to send inbound messages and/
or receive outbound messages from the Exchange using various 
communication protocols.'' The Exchange believes this definition will 
assist Participants in distinguishing ports from other offerings.
Order and Quote Protocols
    The Exchange proposes to add a new section (i) and include the 
following introductory sentence, ``The following order and quote 
protocols are available on NOM.''
    Today, NOM offers market participants an Order Entry order protocol 
and an SQF quote protocol. These fees currently exist on the fee 
schedule. The Exchange is not amending any pricing related to these 
protocols. The Exchange proposes to rename ``Order Entry Port Fee'' as 
``FIX Port Fee.'' This description is more accurate as ``FIX'' is the 
name of the

[[Page 22540]]

order entry protocol. Nasdaq ISE LLC uses the terminology ``FIX'' 
within its fee schedule.\4\ A Participant may request an SQF Port or an 
SQF Purge Port, the pricing is the same for these ports.\5\ SQF is an 
interface that allows market makers to connect and send quotes, sweeps 
and auction responses into the Exchange. The SQF Purge port only 
receives and notifies of purge requests from the market maker. The 
proposal is to include a line item for each offering because a 
Participant may either select an SQF port or an SQF Purge Port. The 
price does not vary. The Exchange separately lists these offerings on 
Nasdaq ISE, LLC. A separate line item will make clear that there are 
two options for this offering. The pricing for these ports is not being 
amended.
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    \4\ See ISE fee schedule at Chapter V, D.
    \5\ Pricing is incremental for these ports. Pricing is based on 
the number of ports that a Participant has subscribed to in a given 
month.
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    The Exchange believes that grouping the available order and quote 
protocols together into their own subsection will provide greater 
transparency within its fee schedule as to the available protocols.
Order and Execution Information
    The Exchange proposes to add a new section (ii) and add the 
following introductory sentence, ``The following order and execution 
information is available to Participants.'' The Exchange proposes to 
group the available order and execution information that is particular 
to a Participant's executions on NOM into its own subsection. Today, 
NOM offers CTI, Order Entry DROP, TradeInfo and OTTO DROP. The Exchange 
proposes to rename ``Order Entry DROP'' as ``FIX DROP'' for the reasons 
described above. Nasdaq ISE, LLC uses the term FIX DROP. The Exchange 
proposes to rename ``TradeInfo'' as ``NOM TradeInfo Interface'' to make 
clear that this particular offering is an interface. The Exchange 
proposes to relocate these current fees into section (ii). No changes 
are being made to pricing and these fees exist today within Section 3.
Data Ports
    The Exchange proposes to add a new section (iii) and include the 
following information, ``The following data ports fees apply in 
connection with data subscriptions pursuant to NOM Rules at Chapter XV, 
Section 4. The below port fees do not apply if the subscription is 
delivered via multicast.'' The following sentence is simply being 
relocated, ``These ports are available to non-NOM Participants and NOM 
Participants.'' The Exchange believes the addition of these sentences 
makes clear where the related applicable data fees can be located and 
when the fees for ports are charged. The Exchange notes that if the 
subscription is delivered via multicast, the port fee is not charged. 
There are multiple ways in which data can be communicated. Multicast 
refers to sending data across a network to several users as [sic] a 
time. Unicast on the other hand sends data across a network to a single 
recipient. Finally, TCP, which stands for Transmission Control Protocol 
and is also known as ``TCP/IP'' refers to the suite which includes the 
internet Protocol, provides host-to-host connectivity. Today, the 
Exchange requires a port when a Participant utilizes Unicast and TCP/IP 
delivery, but does not require a port when a Participant selects 
multicast delivery. The Exchange believes this additional information 
will add more transparency to the fee schedule for Participants 
selecting data transmission options. The Exchange notes the current 
offerings for NOM, ITTO and BONO, are being relocated within this 
section. No changes are being made to the fees.
Other Ports
    The Exchange proposes to adopt a new section (iv) entitled ``Other 
Ports'' to include Disaster Recovery Ports. Today, the Exchange offers 
Disaster Recovery Ports for all ports reorganized into proposed 
subsections (i), (ii) and (iii). The Exchange is noting that these 
ports are available at no cost to make clear their availability.
ITTO Wave Ports
    Today, the Exchange offers Remote ITCH to Trade Options (ITTO) Wave 
Ports. These ports are subject to a 30-day testing period during which 
the recurring monthly fees are waived, and a one-year minimum purchase 
period that begins at the conclusion of the 30-day testing period at 
the below rates:

------------------------------------------------------------------------
                                           Installation      Recurring
                Location                        fee         monthly fee
------------------------------------------------------------------------
Secaucus................................          $2,500          $7,500
Mahwah..................................           5,000          10,000
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    NOM no longer offers these ITTO Wave Ports to its Participants. The 
Exchange proposes to eliminate these fees from the fee schedule.
2. Statutory Basis
    The Exchange believes that the proposed rule change is consistent 
with Section 6(b) of the Securities Exchange Act of 1934,\6\ in 
general, and furthers the objectives of Section 6(b)(5) of the Act,\7\ 
in particular, in that it is designed to promote just and equitable 
principles of trade, to remove impediments to and perfect the mechanism 
for a free and open market and a national market system, and, in 
general, to protect investors and the public interest, by providing 
greater transparency as to the order and execution information offered 
on NOM. The Exchange's proposal to reorganize Section 3 and rename 
certain offerings to conform to other Nasdaq Affiliated Markets will 
provide clarity as to the offerings and uniformity in naming similar 
offerings. The Exchange believes that its new structure makes clear the 
differences in its offerings and the availability of various options 
within each type of offering. The Exchange's proposal is consistent 
with the protection of investors and the public interest in that the 
proposal provides greater transparency as to the offerings, the 
application of fees and the availability of offerings which are offered 
at no cost. The Exchange's proposal to define a port should also 
provide market participants with greater insight into the terminology 
utilized within Section 3.
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    \6\ 15 U.S.C. 78f(b).
    \7\ 15 U.S.C. 78f(b)(5).
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    Finally, the Exchange's proposal to eliminate ITTO Wave Ports is 
consistent with the Act because these ports are no longer offered to 
any Participant and removing the fees will eliminate confusion as to 
the Exchange's current offering.

B. Self-Regulatory Organization's Statement on Burden on Competition

    In accordance with Section 6(b)(8) of the Act,\8\ the Exchange does 
not believe that the proposed rule change will

[[Page 22541]]

impose any burden on intermarket or intra-market competition that is 
not necessary or appropriate in furtherance of the purposes of the Act. 
The Exchange's proposal does not impose an undue burden on competition, 
rather the Exchange is seeking to provide greater transparency within 
its rules with respect to the various order and execution information 
offered on NOM. The offerings are available to all Participants. The 
Exchange does not intend to amend pricing, rather it proposes to make 
clear the application of the current pricing.
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    \8\ 15 U.S.C. 78f(b)(8).
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    With respect to the ITTO Wave Ports, no Participant utilizes these 
services today. Eliminating these fees will avoid confusion as to the 
Exchange's current offerings.

C. Self-Regulatory Organization's Statement on Comments on the Proposed 
Rule Change Received From Members, Participants, or Others

    No written comments were either solicited or received.

III. Date of Effectiveness of the Proposed Rule Change and Timing for 
Commission Action

    Because the proposed rule change does not (i) significantly affect 
the protection of investors or the public interest; (ii) impose any 
significant burden on competition; and (iii) become operative for 30 
days from the date on which it was filed, or such shorter time as the 
Commission may designate if consistent with the protection of investors 
and the public interest, the proposed rule change has become effective 
pursuant to Section 19(b)(3)(A) of the Act \9\ and Rule 19b-4(f)(6) 
thereunder.\10\
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    \9\ 15 U.S.C. 78s(b)(3)(A).
    \10\ 17 CFR 240.19b-4(f)(6). In addition, Rule 19b-4(f)(6)(iii) 
requires the Exchange to give the Commission written notice of the 
Exchange's intent to file the proposed rule change, along with a 
brief description and text of the proposed rule change, at least 
five business days prior to the date of filing of the proposed rule 
change, or such shorter time as designated by the Commission. The 
Exchange has satisfied this requirement.
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    A proposed rule change filed under Rule 19b-4(f)(6) \11\ normally 
does not become operative for 30 days after the date of filing. 
However, pursuant to Rule 19b-4(f)(6)(iii),\12\ the Commission may 
designate a shorter time if such action is consistent with the 
protection of investors and the public interest. The Exchange has asked 
the Commission to waive the 30-day operative delay so that the proposal 
may become operative immediately upon filing. The Exchange states that 
such waiver will allow it to update its rules immediately to provide 
more detailed and reorganized information regarding its offerings and 
further the protection of investors and the public interest because it 
will provide greater transparency as to the offerings available to 
members. For this reason, the Commission believes that waiving the 30-
day operative delay is consistent with the protection of investors and 
the public interest and, therefore, the Commission designates the 
proposed rule change to be operative upon filing.\13\
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    \11\ 17 CFR 240.19b-4(f)(6).
    \12\ 17 CFR 240.19b-4(f)(6)(iii).
    \13\ For purposes only of waiving the 30-day operative delay, 
the Commission has also considered the proposed rule's impact on 
efficiency, competition, and capital formation. See 15 U.S.C. 
78c(f).
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    At any time within 60 days of the filing of the proposed rule 
change, the Commission summarily may temporarily suspend such rule 
change if it appears to the Commission that such action is necessary or 
appropriate in the public interest, for the protection of investors, or 
otherwise in furtherance of the purposes of the Act. If the Commission 
takes such action, the Commission shall institute proceedings to 
determine whether the proposed rule should be approved or disapproved.

IV. Solicitation of Comments

    Interested persons are invited to submit written data, views, and 
arguments concerning the foregoing, including whether the proposed rule 
change is consistent with the Act. Comments may be submitted by any of 
the following methods:

Electronic Comments

     Use the Commission's internet comment form (http://www.sec.gov/rules/sro.shtml); or
     Send an email to [email protected]. Please include 
File Number SR-NASDAQ-2018-036 on the subject line.

Paper Comments

     Send paper comments in triplicate to Secretary, Securities 
and Exchange Commission, 100 F Street NE, Washington, DC 20549-1090.

All submissions should refer to File Number SR-NASDAQ-2018-036. This 
file number should be included on the subject line if email is used. To 
help the Commission process and review your comments more efficiently, 
please use only one method. The Commission will post all comments on 
the Commission's internet website (http://www.sec.gov/rules/sro.shtml). 
Copies of the submission, all subsequent amendments, all written 
statements with respect to the proposed rule change that are filed with 
the Commission, and all written communications relating to the proposed 
rule change between the Commission and any person, other than those 
that may be withheld from the public in accordance with the provisions 
of 5 U.S.C. 552, will be available for website viewing and printing in 
the Commission's Public Reference Room, 100 F Street NE, Washington, DC 
20549, on official business days between the hours of 10:00 a.m. and 
3:00 p.m. Copies of the filing also will be available for inspection 
and copying at the principal office of the Exchange. All comments 
received will be posted without change. Persons submitting comments are 
cautioned that we do not redact or edit personal identifying 
information from comment submissions. You should submit only 
information that you wish to make available publicly. All submissions 
should refer to File Number SR-NASDAQ-2018-036, and should be submitted 
on or before June 5, 2018.

    For the Commission, by the Division of Trading and Markets, 
pursuant to delegated authority.\14\
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    \14\ 17 CFR 200.30-3(a)(12).
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Eduardo A. Aleman,
Assistant Secretary.
[FR Doc. 2018-10253 Filed 5-14-18; 8:45 am]
 BILLING CODE 8011-01-P

Federal Register / Vol. 83, No. 94 / Tuesday, May 15, 2018 / Notices 22539 Comments may be submitted by any of SECURITIES AND EXCHANGE A. Self-Regulatory Organization’s the following methods: COMMISSION Statement of the Purpose of, and the Statutory Basis for, the Proposed Rule Electronic Comments Change [Release No. 34–83193; File No. SR– • Use the Commission’s internet NASDAQ–2018–036] 1. Purpose comment form (http://www.sec.gov/ The Exchange proposes to reorganize rules/sro.shtml); or Self-Regulatory Organizations; The and amend Chapter XV, Section 3, • Send an email to rule-comments@ Nasdaq Stock Market LLC; Notice of entitled ‘‘Nasdaq Options Market—Ports sec.gov. Please include File No. SR– Filing and Immediate Effectiveness of and Other Services.’’ The Exchange NYSEArca–2018–29 on the subject line. a Proposed Rule Change To offers various services across its 6 Reorganize and Amend The Nasdaq affiliated options markets, NOM, Paper Comments Options Market LLC Chapter XV, Nasdaq BX, Inc., Nasdaq Phlx LLC, Section 3, Entitled ‘‘Nasdaq Options Nasdaq ISE, LLC, Nasdaq GEMX, LLC • Send paper comments in triplicate Market—Ports and Other Services and Nasdaq MRX, LLC (‘‘Nasdaq to Secretary, Securities and Exchange Commission, 100 F Street NE, Affiliated Markets’’).3 The Exchange May 9, 2018. Washington, DC 20549–1090. desires to rename services to conform Pursuant to Section 19(b)(1) of the the naming of the offerings across all All submissions should refer to File No. Securities Exchange Act of 1934 (the Nasdaq Affiliated Markets. The SR–NYSEArca–2018–29. This file ‘‘Act’’),1 and Rule 19b–4 thereunder,2 Exchange proposes to reorganize number should be included on the notice is hereby given that on April 27, Section 3 to list order and quote subject line if email is used. To help the 2018, The Nasdaq Stock Market LLC protocols first, order and execution Commission process and review your (‘‘Nasdaq’’ or ‘‘Exchange’’) filed with the offerings next, followed by data ports comments more efficiently, please use Securities and Exchange Commission and other ports as the last section. The only one method. The Commission will (‘‘Commission’’) the proposed rule Exchange proposes to list data offerings post all comments on the Commission’s change as described in Items I and II which are offered at no cost. The internet website (http://www.sec.gov/ below, which Items have been prepared Exchange is also proposing to remove rules/sro.shtml). Copies of the obsolete pricing. The Exchange believes by the Exchange. The Commission is submission, all subsequent that aligning its offerings, where publishing this notice to solicit amendments, all written statements relevant, across the Nasdaq Affiliated comments on the proposed rule change Markets will provide more transparency with respect to the proposed rule from interested persons. change that are filed with the as to the offerings for market Commission, and all written I. Self-Regulatory Organization’s participants. communications relating to the Statement of the Terms of Substance of Ports proposed rule change between the the Proposed Rule Change The Exchange proposes to define a Commission and any person, other than port within Section 3 to provide those that may be withheld from the The Exchange proposes to reorganize and amend The Nasdaq Options Market additional clarity to the fee schedule as public in accordance with the ‘‘a logical connection or session that provisions of 5 U.S.C. 552, will be LLC (‘‘NOM’’) Chapter XV, Section 3, entitled ‘‘Nasdaq Options Market—Ports enables a market participant to send available for website viewing and inbound messages and/or receive printing in the Commission’s Public and Other Services.’’ outbound messages from the Exchange Reference Room, 100 F Street NE, The text of the proposed rule change using various communication Washington, DC 20549, on official is available on the Exchange’s website at protocols.’’ The Exchange believes this business days between the hours of http://nasdaq.cchwallstreet.com, at the definition will assist Participants in 10:00 a.m. and 3:00 p.m. Copies of the principal office of the Exchange, and at distinguishing ports from other filing also will be available for the Commission’s Public Reference offerings. inspection and copying at the principal Room. office of the Exchange. All comments Order and Quote Protocols received will be posted without change. II. Self-Regulatory Organization’s The Exchange proposes to add a new Persons submitting comments are Statement of the Purpose of, and section (i) and include the following cautioned that we do not redact or edit Statutory Basis for, the Proposed Rule introductory sentence, ‘‘The following personal identifying information from Change order and quote protocols are available comment submissions. You should on NOM.’’ submit only information that you wish In its filing with the Commission, the Today, NOM offers market to make available publicly. All Exchange included statements participants an Order Entry order submissions should refer to File No. concerning the purpose of and basis for protocol and an SQF quote protocol. SR–NYSEArca–2018–29, and should be the proposed rule change and discussed These fees currently exist on the fee submitted on or before June 5, 2018. any comments it received on the schedule. The Exchange is not proposed rule change. The text of these amending any pricing related to these For the Commission, by the Division of statements may be examined at the Trading and Markets, pursuant to delegated protocols. The Exchange proposes to places specified in Item IV below. The rename ‘‘Order Entry Port Fee’’ as ‘‘FIX authority.13 daltland on DSKBBV9HB2PROD with NOTICES Exchange has prepared summaries, set Port Fee.’’ This description is more Eduardo A. Aleman, forth in sections A, B, and C below, of accurate as ‘‘FIX’’ is the name of the Assistant Secretary. the most significant aspects of such [FR Doc. 2018–10262 Filed 5–14–18; 8:45 am] statements. 3 The Exchange will file a similar rule change on BILLING CODE 8011–01–P each Nasdaq Affiliated Market to conform the offerings by amending naming to make them similar 1 15 U.S.C. 78s(b)(1). and delineating each offering on the fee schedule 13 17 CFR 200.30–3(a)(12). 2 17 CFR 240.19b–4. where no fee is assessed. VerDate Sep<11>2014 20:27 May 14, 2018 Jkt 244001 PO 00000 Frm 00099 Fmt 4703 Sfmt 4703 E:\FR\FM\15MYN1.SGM 15MYN1

22540 Federal Register / Vol. 83, No. 94 / Tuesday, May 15, 2018 / Notices order entry protocol. Nasdaq ISE LLC Exchange proposes to rename ‘‘Order which stands for Transmission Control uses the terminology ‘‘FIX’’ within its Entry DROP’’ as ‘‘FIX DROP’’ for the Protocol and is also known as ‘‘TCP/IP’’ fee schedule.4 A Participant may request reasons described above. Nasdaq ISE, refers to the suite which includes the an SQF Port or an SQF Purge Port, the LLC uses the term FIX DROP. The internet Protocol, provides host-to-host pricing is the same for these ports.5 SQF Exchange proposes to rename connectivity. Today, the Exchange is an interface that allows market ‘‘TradeInfo’’ as ‘‘NOM TradeInfo requires a port when a Participant makers to connect and send quotes, Interface’’ to make clear that this utilizes Unicast and TCP/IP delivery, sweeps and auction responses into the particular offering is an interface. The but does not require a port when a Exchange. The SQF Purge port only Exchange proposes to relocate these Participant selects multicast delivery. receives and notifies of purge requests current fees into section (ii). No changes The Exchange believes this additional from the market maker. The proposal is are being made to pricing and these fees information will add more transparency to include a line item for each offering exist today within Section 3. to the fee schedule for Participants because a Participant may either select selecting data transmission options. The an SQF port or an SQF Purge Port. The Data Ports Exchange notes the current offerings for price does not vary. The Exchange NOM, ITTO and BONO, are being separately lists these offerings on The Exchange proposes to add a new section (iii) and include the following relocated within this section. No Nasdaq ISE, LLC. A separate line item changes are being made to the fees. will make clear that there are two information, ‘‘The following data ports options for this offering. The pricing for fees apply in connection with data Other Ports these ports is not being amended. subscriptions pursuant to NOM Rules at Chapter XV, Section 4. The below port The Exchange proposes to adopt a The Exchange believes that grouping fees do not apply if the subscription is new section (iv) entitled ‘‘Other Ports’’ the available order and quote protocols delivered via multicast.’’ The following to include Disaster Recovery Ports. together into their own subsection will sentence is simply being relocated, Today, the Exchange offers Disaster provide greater transparency within its ‘‘These ports are available to non-NOM Recovery Ports for all ports reorganized fee schedule as to the available Participants and NOM Participants.’’ into proposed subsections (i), (ii) and protocols. The Exchange believes the addition of (iii). The Exchange is noting that these Order and Execution Information these sentences makes clear where the ports are available at no cost to make The Exchange proposes to add a new related applicable data fees can be clear their availability. section (ii) and add the following located and when the fees for ports are ITTO Wave Ports introductory sentence, ‘‘The following charged. The Exchange notes that if the order and execution information is subscription is delivered via multicast, Today, the Exchange offers Remote available to Participants.’’ The Exchange the port fee is not charged. There are ITCH to Trade Options (ITTO) Wave proposes to group the available order multiple ways in which data can be Ports. These ports are subject to a 30- and execution information that is communicated. Multicast refers to day testing period during which the particular to a Participant’s executions sending data across a network to several recurring monthly fees are waived, and on NOM into its own subsection. Today, users as [sic] a time. Unicast on the a one-year minimum purchase period NOM offers CTI, Order Entry DROP, other hand sends data across a network that begins at the conclusion of the 30- TradeInfo and OTTO DROP. The to a single recipient. Finally, TCP, day testing period at the below rates: Installation Recurring Location fee monthly fee Secaucus ................................................................................................................................................................. $2,500 $7,500 Mahwah ................................................................................................................................................................... 5,000 10,000 NOM no longer offers these ITTO providing greater transparency as to the offered at no cost. The Exchange’s Wave Ports to its Participants. The order and execution information offered proposal to define a port should also Exchange proposes to eliminate these on NOM. The Exchange’s proposal to provide market participants with greater fees from the fee schedule. reorganize Section 3 and rename certain insight into the terminology utilized offerings to conform to other Nasdaq within Section 3. 2. Statutory Basis Affiliated Markets will provide clarity Finally, the Exchange’s proposal to The Exchange believes that the as to the offerings and uniformity in eliminate ITTO Wave Ports is consistent proposed rule change is consistent with naming similar offerings. The Exchange with the Act because these ports are no Section 6(b) of the Securities Exchange believes that its new structure makes longer offered to any Participant and Act of 1934,6 in general, and furthers the clear the differences in its offerings and removing the fees will eliminate objectives of Section 6(b)(5) of the Act,7 the availability of various options confusion as to the Exchange’s current in particular, in that it is designed to within each type of offering. The offering. promote just and equitable principles of Exchange’s proposal is consistent with B. Self-Regulatory Organization’s trade, to remove impediments to and the protection of investors and the Statement on Burden on Competition perfect the mechanism for a free and public interest in that the proposal daltland on DSKBBV9HB2PROD with NOTICES open market and a national market provides greater transparency as to the In accordance with Section 6(b)(8) of system, and, in general, to protect offerings, the application of fees and the the Act,8 the Exchange does not believe investors and the public interest, by availability of offerings which are that the proposed rule change will 4 See ISE fee schedule at Chapter V, D. 5 Pricing is incremental for these ports. Pricing is 6 15 U.S.C. 78f(b). based on the number of ports that a Participant has 7 15 U.S.C. 78f(b)(5). subscribed to in a given month. 8 15 U.S.C. 78f(b)(8). VerDate Sep<11>2014 20:27 May 14, 2018 Jkt 244001 PO 00000 Frm 00100 Fmt 4703 Sfmt 4703 E:\FR\FM\15MYN1.SGM 15MYN1

Federal Register / Vol. 83, No. 94 / Tuesday, May 15, 2018 / Notices 22541 impose any burden on intermarket or update its rules immediately to provide Commission, and all written intra-market competition that is not more detailed and reorganized communications relating to the necessary or appropriate in furtherance information regarding its offerings and proposed rule change between the of the purposes of the Act. The further the protection of investors and Commission and any person, other than Exchange’s proposal does not impose an the public interest because it will those that may be withheld from the undue burden on competition, rather provide greater transparency as to the public in accordance with the the Exchange is seeking to provide offerings available to members. For this provisions of 5 U.S.C. 552, will be greater transparency within its rules reason, the Commission believes that available for website viewing and with respect to the various order and waiving the 30-day operative delay is printing in the Commission’s Public execution information offered on NOM. consistent with the protection of Reference Room, 100 F Street NE, The offerings are available to all investors and the public interest and, Washington, DC 20549, on official Participants. The Exchange does not therefore, the Commission designates business days between the hours of intend to amend pricing, rather it the proposed rule change to be operative 10:00 a.m. and 3:00 p.m. Copies of the proposes to make clear the application upon filing.13 filing also will be available for of the current pricing. At any time within 60 days of the inspection and copying at the principal With respect to the ITTO Wave Ports, filing of the proposed rule change, the office of the Exchange. All comments no Participant utilizes these services Commission summarily may received will be posted without change. today. Eliminating these fees will avoid temporarily suspend such rule change if Persons submitting comments are confusion as to the Exchange’s current it appears to the Commission that such cautioned that we do not redact or edit offerings. action is necessary or appropriate in the personal identifying information from public interest, for the protection of comment submissions. You should C. Self-Regulatory Organization’s investors, or otherwise in furtherance of submit only information that you wish Statement on Comments on the the purposes of the Act. If the to make available publicly. All Proposed Rule Change Received From Commission takes such action, the submissions should refer to File Members, Participants, or Others Commission shall institute proceedings Number SR–NASDAQ–2018–036, and No written comments were either to determine whether the proposed rule should be submitted on or before June solicited or received. should be approved or disapproved. 5, 2018. III. Date of Effectiveness of the IV. Solicitation of Comments For the Commission, by the Division of Proposed Rule Change and Timing for Trading and Markets, pursuant to delegated Interested persons are invited to authority.14 Commission Action submit written data, views, and Eduardo A. Aleman, Because the proposed rule change arguments concerning the foregoing, does not (i) significantly affect the Assistant Secretary. including whether the proposed rule protection of investors or the public [FR Doc. 2018–10253 Filed 5–14–18; 8:45 am] change is consistent with the Act. interest; (ii) impose any significant Comments may be submitted by any of BILLING CODE 8011–01–P burden on competition; and (iii) become the following methods: operative for 30 days from the date on which it was filed, or such shorter time Electronic Comments SECURITIES AND EXCHANGE as the Commission may designate if • Use the Commission’s internet COMMISSION consistent with the protection of comment form (http://www.sec.gov/ [Investment Company Act Release No. investors and the public interest, the rules/sro.shtml); or 33092; 812–14869] proposed rule change has become • Send an email to rule-comments@ effective pursuant to Section 19(b)(3)(A) sec.gov. Please include File Number SR– U.S. Global Investors, Inc. et al. of the Act 9 and Rule 19b–4(f)(6) NASDAQ–2018–036 on the subject line. May 9, 2018. thereunder.10 Paper Comments AGENCY: Securities and Exchange A proposed rule change filed under • Send paper comments in triplicate Commission (‘‘Commission’’). Rule 19b–4(f)(6) 11 normally does not to Secretary, Securities and Exchange ACTION: Notice. become operative for 30 days after the date of filing. However, pursuant to Commission, 100 F Street NE, Notice of an application for an order Rule 19b–4(f)(6)(iii),12 the Commission Washington, DC 20549–1090. under section 6(c) of the Investment may designate a shorter time if such All submissions should refer to File Company Act of 1940 (the ‘‘Act’’) for an action is consistent with the protection Number SR–NASDAQ–2018–036. This exemption from sections 2(a)(32), of investors and the public interest. The file number should be included on the 5(a)(1), 22(d), and 22(e) of the Act and Exchange has asked the Commission to subject line if email is used. To help the rule 22c–1 under the Act, under waive the 30-day operative delay so that Commission process and review your sections 6(c) and 17(b) of the Act for an the proposal may become operative comments more efficiently, please use exemption from sections 17(a)(1) and immediately upon filing. The Exchange only one method. The Commission will 17(a)(2) of the Act, and under section states that such waiver will allow it to post all comments on the Commission’s 12(d)(1)(J) of the Act for an exemption internet website (http://www.sec.gov/ from sections 12(d)(1)(A) and 9 15 U.S.C. 78s(b)(3)(A). rules/sro.shtml). Copies of the 12(d)(1)(B) of the Act. The requested 10 17 CFR 240.19b–4(f)(6). In addition, Rule 19b– submission, all subsequent order would permit (a) actively- 4(f)(6)(iii) requires the Exchange to give the amendments, all written statements managed series of certain open-end daltland on DSKBBV9HB2PROD with NOTICES Commission written notice of the Exchange’s intent to file the proposed rule change, along with a brief with respect to the proposed rule management investment companies description and text of the proposed rule change, change that are filed with the (‘‘Funds’’) to issue shares redeemable in at least five business days prior to the date of filing large aggregations only (‘‘Creation of the proposed rule change, or such shorter time 13 For purposes only of waiving the 30-day as designated by the Commission. The Exchange Units’’); (b) secondary market operative delay, the Commission has also has satisfied this requirement. considered the proposed rule’s impact on transactions in Fund shares to occur at 11 17 CFR 240.19b–4(f)(6). efficiency, competition, and capital formation. See 12 17 CFR 240.19b–4(f)(6)(iii). 15 U.S.C. 78c(f). 14 17 CFR 200.30–3(a)(12). VerDate Sep<11>2014 20:27 May 14, 2018 Jkt 244001 PO 00000 Frm 00101 Fmt 4703 Sfmt 4703 E:\FR\FM\15MYN1.SGM 15MYN1


Document Created: 2018-05-15 00:33:43
Document Modified: 2018-05-15 00:33:43
CategoryRegulatory Information
CollectionFederal Register
sudoc ClassAE 2.7:
GS 4.107:
AE 2.106:
PublisherOffice of the Federal Register, National Archives and Records Administration
SectionNotices
FR Citation83 FR 22539 
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